Three days ago, the Board of Directors of the State Enterprise Railway Rolling Stock Maintenance (OŽVS) appointed the current acting director of this position as executive director. Goran Đurković, although in the coming months this company will be merged with the parent company Željeznički prevoz (ŽPCG).
The public competition for this position was announced on January 23 of this year and lasted for 15 days. Đurković has been in the position of acting CEO since mid-January this year, and he came to that position after the previous executive director Dragana Lukšić appointed assistant to the Minister of Transport and Maritime Affairs for rail transport.
In the Ministry of Transport and Maritime Affairs (MSP), which is managed by the Minister Filip Radulović they told "Vijesti" that they consider this move to be hasty and that they do not see the need for the transfer of the director to a full term, considering that this company will merge with ŽPCG in half a year.
The Ministry said that Đurković will certainly not be in that position after the merger of the two companies, but that it will be managed by the executive director of ŽPCG, who will be in that position at that time. Now he manages this company Ilinka Pavićević, and the new Board of Directors, which should be elected at the Extraordinary Assembly of ŽPCG shareholders, will decide whether she will be replaced or will remain in that position.
The Board of Directors of OŽVS told "Vijesti" that the merger process is ongoing and may take several months, and that someone has to carry out that process and that the executive director is one of the key positions for that job.
Asked whether the MSP, a member of the Board and a representative of minority shareholders were consulted when selecting Đurković Vladan Gačević he said that they are not obliged to do that, but to act in accordance with their own legal powers.
"The ministry is overloaded with all the activities they want to implement, and we are here to support them. We are not obliged to consult the ministry, but work in accordance with our legal powers", said Gačević.
The merger of OŽVS with the parent ŽPCG has been talked about for some time, and the process was made official in mid-February, when the decision was adopted at the Government session. Radulović repeatedly emphasized that the procedure is necessary because otherwise, OŽVS will end up in bankruptcy and endanger the rest of this sector.
"There will be a requalification of jobs, and Đurković will not be in that position. After the merger, Pavićević will head the company, and in the meantime, a new Board of Directors of ŽPCG will be appointed. That's why I say that it was hasty for someone to switch from acting to a full mandate, given that in five months that position will not exist", said Radulović.
He stated that a potential problem could be if Đurković receives severance pay under the new contract, but that this amount will certainly be lower than if OŽVS went bankrupt.
Gačević clarified that Đurković was already employed in that company and that according to the new contract, he will be able to choose a severance package of three average salaries, which amounts to 1,8 thousand euros, or return to a position that suits him based on his qualifications. He stated that the reasons for the appointment are logical, i.e. that the company continues to work, completes the started investments, provides regular salaries, which will happen, as he said, as long as OŽVS exists.
"In accordance with the law, a public competition was announced, which lasted 15 days, and four applications were considered. Đurković is already employed in the company as a director for towed vehicles, so it is clear to conclude that there was no bringing in a director from the side or forcing certain hunters into positions, but a professional with extensive work experience, but also a proven fighter for promotion, was appointed at the head of the company of the company's operations", Gačević said.
Minister Radulović announced that there will be no layoffs of workers at OŽVS. According to the latest financial report from September, OŽVS has 192 employees.
The stock exchange does not record abuses with shares
On February 4 this year, Minister of Transport Filip Radulović said that OŽVS is facing bankruptcy and announced that he will propose its merger with Željeznički prevoz. Since then, the value of OŽVS shares on the stock exchange has increased from 1,22 to 1,46 euros, and this happened thanks to just one trade of 150 shares.
Small shareholders who would vote against the merger decision at the OŽVS Shareholders' Assembly could declare themselves "dissenting" shareholders and ask the company to buy back their shares at an average price that would be off the stock market before the Shareholders' Assembly was held. In the analysis of the merger of companies carried out by the Faculty of Economics in Podgorica, the possibility that the payment of dissenting shareholders in both companies could cost from 720 thousand to 2,3 million was stated.
In order to avoid possible abuses with the artificial increase of shares, the Montenegro Stock Exchange, in similar circumstances, shares of the company, for which there is a public announcement about the possibility of sale, merger, separation or some other events when, in accordance with the law, the shareholders can be declared "disagreeing", can be placed in observation segment.
The Montenegro Stock Exchange said that since the minister's announcement, they have been monitoring orders for the purchase or sale of these shares, but that there has not been a particularly high interest from market participants.
"We have a total of four sales orders with the shares of this company, of which only one of the 150 shares is within the range of possible trade, given that the rules on limiting daily growth apply to this company. No purchase orders have been submitted for shares of this company, which tells us that there is no room for speculative activities. Certainly, at the next session of the Committee for Quotations of the Montenegro Stock Exchange, the proposal to put the shares of this company in the segment for observation will be considered," informed "Vijesta" from the Montenegro Stock Exchange.
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